Key Highlights

• Brazil's largest private bank, Itaú, recommends a 3% Bitcoin allocation to hedge against the devaluation of the Real.
• Bitcoin price remains robust, holding above $90,000, with key cost basis metrics indicating strong support.
• Bitcoin Rodney faces expanded charges in the $1.8 billion HyperFund crypto scam, potentially facing decades in prison.

Market Sentiment

• Trend: Generally positive with strong support levels holding, despite some skepticism from major financial figures.
• Bearish Pressure: Suppression from covered call selling by long-term holders and negative remarks from Vanguard executives.
• Bullish Counter: Institutional recommendations for Bitcoin allocations and resilience in mining despite revenue challenges.

Bitcoin Forecast

Bitcoin is expected to retest the $85,000 mark in the coming days with potential to break the $90,000 ceiling if current support levels hold and market sentiment improves.

Key Events to Watch

• The outcome of Bitcoin Rodney's legal issues and its potential impact on market confidence.
• Developments in Bitcoin ETF access and adoption by major firms like Vanguard, despite their skeptical stance.
• Global economic shifts as noted by Robert Kiyosaki, particularly how Bitcoin behaves amidst a potential global financial reset.

Trading Insights

• Consider hedging strategies in light of the uncertain market paths and potential for sudden shifts in liquidity and valuation.
• Monitor closely the tactics of long-term holders, especially those involved in covered call selling, as these activities are currently suppressing price movements.
• Stay updated on macroeconomic indicators and their potential impacts on Bitcoin, especially in relation to fiat devaluations and liquidity tracking.

Top 3 Impact Stories

• Itaú's endorsement of Bitcoin as a financial hedge reflecting growing institutional acceptance in Latin America.
• Continued legal developments around major fraud cases like HyperFund, affecting general crypto market trust and regulatory outlook.
• Significant remarks from financial leaders like Vanguard's executives, shaping public and investor perception of Bitcoin's value and utility.

Main Conclusion

Despite facing headwinds from certain sectors of the financial community and ongoing legal challenges within the crypto space, Bitcoin maintains strong market support. Institutional strategies and investor resilience are key drivers keeping bullish sentiments alive, even as the asset faces critical price tests.